Aust no longer ripe for investment

RIO Tinto boss Jan du Plessis has warned that Australia has grown less attractive to the world as an country for investment, especially for resource companies.

Responding to an investor question at the mining giant's annual general meeting on Thursday morning, Mr du Plessis said the Federal Government could not keep threatening more taxes on the resources industry, while describing it as not paying its fair share.

He said the government would have to carefully watch the carbon tax did not simply drive investment in Queensland coal to Indonesia, with companies supplying China's insatiable demand from there.

"The way we see Australia has changed for the worse," Mr Du Plessis said.

"There have been tax changes that impact our view on life.

"We are going to invest further in Australia but our perspective of the country has changed.

"You go to investment conferences in New York or London and you see Australia as an investment destination has changed for the worse.

"But I believe the government knows that and is working to fix that reputation"

Mr Du Plessis said he was making a political point but did not intend it as a criticism of the government which he said was now working to fix that reputation.


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